A basic credit card is a credit supplied by a card issuer which has a specified spending limit.
While the spending limit is fixed, all other fees and charges will be raised to compensate for continuing the outstanding balance. Because of these varying and competing interests, issuers of such cards will generally have different financial incentives for applicants with a basic credit card. For example, card issuers may be more generous with the number of spending limits they may allow additional subsidies under marginal or fixed spending amounts. Similarly, card issuers may have different interest rates with respect to respect different expenditure levels.
If a person has good credit, at least one of the cards used’ is free of high interest credits provided that he regularly makes payments on the outstanding amount. In addition, in all likelihood, a person obtaining a B card will enjoy free of interest credits provided he or she regularly makes payments on that subject.
In addition, in all likelihood, a person who seeks a B card would be required to furnish a credit card application or income statement containing his or her annual income and expenses as income for the current year. A person who wishes to avail of a free or reduced liability on the part of his or her card issuer would be obliged to do so.
Thus, it is perfectly possible for a person with good credit to get a credit card which can be used in any of the following ways:
‘ Order purchased food;
‘ Make bills or invoices at regular time to any of the card companies;
‘ Use the Internet to make online payment transactions;
‘ Use other banking services available to him/hers;
‘ Use credit cards to pay for the expenses of others;
‘ Transfer funds between accounts;
‘ Use a check or money order system to avoid paying interest on transfers;
‘ Use creditcards for traveling purposes and overseas.
The issuer’s primary interest in these cases is the profit margins of the card holder.
So while it may be a good idea for a person with good credit to avail of a zero liability on the funds involved, the more serious and necessary risks involve the possibility of serious financial consequences to the cardholder for the cardholder and anyone involved.
Bad Credit Platinum Credit Cards
Credit cards can be a convenient way to live your life and make a big purchase easily. Yet many people, even if they don’t have bad credit, are still denied credit because of poor credit. This is the easy way out; credit cards aren’t the answer. Fortunately, ways to improve your credit score are available. There are an amazing number of financial resources available online. Here is a brief guide on how to get the most from a credit card.
1. Get approval for a credit card you want
Obtaining an annual, default, and prepaid credit cards just isn’t right. Use a secured credit card only if you’re willing to forfeit some of your security so you can use it elsewhere; don’t use them to pay for a book. If you do, you may be denied credit because you don’t have an approved card. The best way to do this is to visit a secured credit card store and check out the details to make sure there are no problems. You can also ask any authorized purchase signers you recognize who may have refused you an unsecured credit card.
2. Lower your APR
With so many credit cards to choose from, you may be interested in one that offers low rates for introductory periods. It can be helpful to do a search online for credit cards with a lower APR. One might find an average rate that offers 0% APR for the standard time span; another might offer 0% APR for 12 months. Another might offer 6 or 12 months introductory APR and allow an introductory period of 15 months to complete. There are also companies that offer 3 months or 12 months of low rates.
Another option would be a card that offers the card holder a 6% redemption rate on some cards you borrow. Even if you have bad credit, this rates well above conventional best cost where you would pay $30,000 a year for a credit report. Make up your mind on how low makes sense. Since you aren’t in control if the rate drops, and since you are already paying higher interest than the $30,000 you just made, this might be a better option.
3. Start rebuilding your credit repair
If you really, really want credit help, start rebuilding your credit. Go shopping for a new credit card that offers no annual fees or one that gives you 0% APR for the first year. You should also examine 0% on new cards before you apply.